The MPG Retail Brands Property Trust has bought the Seacrest Shopping Centre in Geraldton, WA.
The Seacrest Shopping Centre is a 4,713 sqm neighbourhood centre, anchored by Woolworths and BWS. It offers an additional six tenancies plus a standalone medical centre on the site. This asset replaces the Edlyn Foods factory that was sold six months ago. MPG director Brett Gorman said “Seacrest is a good fit for the fund, with a very attractive yield and a long lease to Woolworths.”
Geraldton is 400km north of Perth, and a major regional city with strong industry and tourism appeal. The population of Greater Geraldton was 41,430 in 2016 and is forecast to exceed 60,000¹ by 2036. Seacrest is located in a newly-established area of Geraldton and the site of the second Woolworths supermarket in the region.
¹ Growing Greater Geraldton, A Growth Plan, March 2017 available at www.cgg.wa.gov.au